Crm Steels Private Limited

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Steel Price hike March 08' 2008  [22-JUL-08]

STEEL PRICES 2008

Prices of Ingots/Billets, the basic raw materials for all the Steel Rolled Products varied from Rs.22,000per M/T to Rs.23,000per M/T almost consistently during the entire year 2007. Variation was up or down within 5% of the value. Main Steel Plants prices also remained within the 5% price fluctuation range. All of a sudden from basic prices of Rs.23,000per M/T as on 1.1.08 it has jumped upto a level at more than Rs.32,000per M/T as on 1.3.08, a substantial jump of approximately 50% within a two-month period. The Index Chart of NCDEX (Commodity Exchange) is attached herewith as evidence.

There has been no natural calamity or an unexpected demand-supply gap during the last quarter that suddenly there is such a huge shortage of iron ore or steel rolled products. Main Steel Plants having complete integration with own mining support, are also much more interested to increase the Steel Prices in general so that they can earn higher margins of Profits. Big Private players in the Industry have also come up with their own mining resources and it is in their benefit to increase the steel prices.

Such increase on artificial grounds will only increase the total project costs of all upcoming infrastructural industries of the Country. More than 70% of the steel production in different form of processing is ultimately being consumed by the different Government Sectors and it will only increase the total cost of the Government purchases. Steel is a commercial product being consumed by the general people in different forms. Most of the secondary sector industries like Engineering, Forging, Rolling, Agricultural Equipments, and Automobiles, etc will be badly affected by the sudden increase in Steel Prices.

Appeals from numerous representatives of various small industries association to the Ministry have taken deaf ear only. The only solution is to impose restriction on Export of Iron Ore. It would immediately bring the steel prices in control and save a host of small scale industries from permanent closure.

Prem Gupta (M: +919831030020)
Chairman - CRM Group

Joint Secretary
West Bengal Rolling Mill Associations

Saturday, March 08, 2008

Custom Notification No.66/2008-CUSTOMS  [22-JUL-08]

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]



GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

New Delhi, the 10th May, 2008

Notification No.66/2008-CUSTOMS


G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in column (3) of the Table annexed hereto and falling under Heading No. of the Second Schedule to the Customs Tariff Act, 1975 (51 of 1975), specified in the corresponding entry in column (2) of the said Table, when exported out of India, from so much of the duty of customs leviable thereon under the said Second Schedule as is in excess of the amount calculated at the rate specified in the corresponding entry in column (4) of the said Table:

TABLE

S. No.
Heading No.
Description of goods
Rate of duty

(1)
(2)
(3)
(4)

1.
27.
Pig iron and spiegeleisen in pigs, blocks or other primary forms
15%

2.
28.
Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or similar forms; iron having minimum purity by weight of 99.94%, in lumps, pellets or similar forms
15%

3.
29.
Ferrous waste and scrap, remelting scrap ingots of iron or steel
15%

4.
30.
Granules and powders, of pig iron, spiegeleisen, iron or steel
15%

5.
31.
Iron and non-alloy steel in ingots or other primary forms
15%

6.
32.
Semi-finished products of iron or non-alloy steel
15%

7.
33.
Flat rolled products of iron or non-alloy steel, hot rolled, not clad, plated or coated
15%

8.
34.
Flat rolled products of iron or non-alloy steel, cold rolled (cold-reduced), not clad, plated or coated
10%

9.
35.
Flat rolled products of iron or non-alloy steel, plated or coated with zinc
5%

10.
36.
Bars and rods, hot-rolled, in irregularly wound coils, of iron or non-alloy steel
10%

11.
37.
Other bars and rods of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but including those twisted after rolling
10%

12.
38.
Other bars and rods of iron or non-alloy steel
10%

13.
39.
Angles, shapes and sections of iron or non-alloy steel
10%

14.
40.
Wire of iron or non-alloy steel
10%

15.
41.
Tubes and pipes, of iron or steel
10%

16.
42.
Basmati rice
Rs.8000 per tonne




[F.No.B-1/1/2008-TRU]

(S. Bajaj)

Under Secretary to the Government of India





Click here for Clarification dated 03-06-2008 regarding - Export duty on iron and steel items – doubts regarding coverage of items in the Export Schedule

Custom Notification No. 77/2008 DATE 13/06/2008  [22-JUL-08]

Changes in export duty on steel items - Duty on bars, rods and angles hiked

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 66/2008-Customs, dated the 10th May, 2008 which was published in the Gazette of India, Extraordinary, vide number G.S.R.359(E) of the same date, namely:-

In the said notification, in the Table,-

(i) against S. No. 7, for the entry in column (4), the entry “nil” shall be substituted;

(ii) against S. No. 8, for the entry in column (4), the entry “nil” shall be substituted;

(iii) against S. No.9, for the entry in column (4), the entry “nil” shall be substituted;

(iv) against S. No. 10, for the entry in column (4), the entry “15%” shall be substituted;

(v) against S. No. 11, for the entry in column (4), the entry “15%” shall be substituted;

(vi) against S. No. 12, for the entry in column (4), the entry “15%” shall be substituted;

(vii) against S. No. 13, for the entry in column (4), the entry “15%” shall be substituted;

(viii) against S. No. 14, for the entry in column (4), the entry “15%” shall be substituted;

(ix) against S. No. 15, for the entry in column (4), the entry “nil’’ shall be substituted.

[F. No. 334/5/2008-TRU]

(Unmesh Wagh)
Under Secretary to the Government of India


Note: The principal notification No.66/2008-Customs, dated the 10th May, 2008 was published in the Gazette of India, Extraordinary, vide number G.S.R.359(E), dated the 10th May, 2008.

CRM Export Process  [26-JUL-08]

CRM Export Process - The Guarantee of Customer Satisfaction!